Mr Oldham is a highly credentialled Australian non-executive Director and currently serves on the Boards of Bank of China Australia and Waves of Wellness Foundation He is a retained advisor to Barwon Investment Partners, chairing its Risk and Compliance Committee. He has previously been a non-executive Director of Vietnam International Bank
As a former senior banking executive, he has deep experience across credit, operational, market, compliance, liquidity and business risk, including risk governance leadership.
Over the past 25 years, Mr Oldham has had a strong focus on risk management in financial services, both as a practitioner and as a consultant.
Most recently he was Chief Risk Officer for CBA’s International Financial Services division based in Hong Kong with oversight of banking and insurance businesses in China, Vietnam, South Africa, and Indonesia.
Prior to that he was lead partner for Deloitte Australia’s financial services risk advisory practice for four years, and was Head of Business Risk and Credit Strategy for Westpac’s Institutional Bank for three years. Earlier he was with Macquarie Group for 16 years, acting as an advisor on risk to Macquarie’s corporate and government clients, and as a Division Director in Macquarie’s Risk Management Group.
Commenting on Mr Oldham’s appointment, Indue Chairman Mr Frank Gullone said: “Tim will bring a wealth of banking experience gained in Australia and overseas. His specific background in risk management will add further depth to Indue’s solid base in the area.”
ENDS
For more information please contact:
Clare Mitchell, Senior Marketing Manager, Indue Limited E: [email protected]
Last year as millions sheltered at home, e-commerce proved crucial to keeping retail sales flowing. Now, as outbreaks begin to subside and mobility returns, e-commerce’s share of total sales has fallen from its 2020 peak, raising questions about the lasting impact of the abrupt shift to e-commerce.
Transaction data offer two reasons for optimism that the accelerated uptake in online selling will persist even after the pandemic. First, the digital revolution now extends beyond large digital goods merchants to include more small and medium-sized businesses (SMBs). Second, SMBs that enhanced their digital offerings in 2020 now have a distinct advantage. Expanded sales channels have led to enlarged customer bases and provided a firm basis for the continued development of digital capabilities.
Evidence from Australia and Singapore indicates that e-commerce gains are sustained even after outbreaks are brought under control. In both countries, local transmission of the novel coronavirus largely ended late last year and consumers’ visits to retail outlets soon recovered. Greater mobility helped brick-and-mortar retail sales to rebound, yet online sales as a share of the total remain 3 to 5 percentage points higher than prior to the pandemic.
Achieving a similar expansion in online sales prior to the pandemic would have taken between four to five years based on previous adoption rates in these countries. Years of development were compressed into a single year, leaving consumers more familiar with buying online and merchants with new sales channels.
According to our analysis of VisaNet data, retail merchants of all sizes across all regions of the world adapted to the lock-downs and pandemic by moving more of their sales online.¹ While the shift was more pronounced for large businesses, SMBs were not far behind. In Canada, for example, while one in three large businesses pivoted to expand their online sales, one in four small businesses did the same. Adaptations to survive the pandemic and investments made last year have opened up new channels for merchants of all sizes to reach consumers in more ways.
Interestingly, transaction data further shows that half of the increase in SMB online sales last year came from businesses that had no or minimal online business before COVID-19. Prior to the pandemic, three out of every five small Visa SMB retailers had no online sales in 2019. Responding to the challenges from the pandemic, 7 percent of these firms made their first online sales in 2020. Though traditional brick-and-mortar retail remains the main channel for sales among small businesses, the pandemic has accelerated the pace of adoption of digital channels.
These first-time participants showed strong returns on the investment, with their sales as much as 20-30 percentage points higher than their peers who did not shift to digital selling. Moreover, digitally-enabled SMBs emerged from the pandemic more resilient to lockdowns. Of these newly-online merchants, 86 percent were able to stay open in 2020 with limited closures, compared to just 70 percent of their peers with offline-only sales who managed to avoid extended periods of inactivity during the year. The secret to their success was in the wider markets these newly digitally-enabled firms enjoyed—markets that were opened to them through e-commerce and electronic payments.
Digitally-enabled merchants were able to drive stronger sales as the shift online expanded their customer base.² Prior to the pandemic, online sales accounted for less than 20 percent of all sales for the majority of retail SMBs in countries around the world. This limited their reach to customers within a set geographic radius around their physical stores. Moving online opened up markets that previously may have been unreachable before the pandemic.
Within the subset of SMBs that had at most 20 percent of their sales online in 2019, those that increased their online throughput in 2020 experienced a 14 percent increase in customers compared to a 3 percent decline for those that stayed offline, according to the VisaNet analysis. In fact, the growth advantage that small businesses with expanded digital channels have over their peers can be almost entirely attributed to their relative success in attracting new customers. In the United States in particular, SMBs that did not increase their online presence lost about 4 percent of their customers, whereas those that did enjoyed a 1 percent expansion.
This shift to online also coincides with a shift in consumer preferences in favor of online shopping. A recent Cybersource study reported³ that mixed-channel retailers received the highest customer satisfaction scores, compared to merchants that had either exclusively-online or brick-and-mortar sales channels. The COVID year has already left a lasting imprint on small businesses. Vaccine rollout delays or broader spread of new COVID-19 variants would likely only reinforce and accentuate the digital transformation and deep technological shift in retail that was precipitated by the pandemic.
Read the complete March Global Economic Insights report
Source: Visa Global Perspectives, April 9 2021.
The 2021 program includes a series of exclusive customer events, together with an industry program designed to keep our payments friends and colleagues abreast of market influences.
The exclusive customer series includes presentations by key partners including KPMG, Visa & RFi covering both international influences, and their impacts on the Australian markets. The much anticipated Youth Study by RFi, due later this year will deliver unique insights on what is important to our youth today, and what specifically within the financial services and payments markets is on their radar.
Indue events span the breadth of our product portfolio with a focus on:
How to manage a constantly changing threat, (March on demand)
How to innovate on Australia’s fastest rails, (May coming soon)
How to deliver more ways for your customers to pay (June coming soon)
The world’s fastest growing payments product – how to harness the potential – 20 April 2021 – register today
To keep up today on our Cultiv8 event series, subscribe to Indue News today.
Join Dave Hemingway as he shares his insights on the evolution of Indue and the challenges currently being faced, alongside his notable career journey through payments.
Their appointments follow the retirement of current Board members Robin Burns and Sally Collier.
Ms Rix and Ms Cheadle join the Board in January 2021.
Ms Rix is a tax and advisory partner with BDO in Brisbane and has had a distinguished career in corporate advisory and non-executive roles across numerous sectors spanning more than 35 years.
Her current Board roles include Chair of Harcourts Group, Queensland Performing Arts Trust (Chair of Risk Management and Audit Committee) and Chair of AEIOU Foundation. Ms Rix is also a Queensland University of Technology Council Member and Business School Adjunct Professor. Her previous Board roles have included Queensland Rail (Chair of the Audit and Risk Committee), Port of Brisbane Corporation and Mater Misericordiae Ltd.
Her experience includes the various aspects of commercial, financial and taxation matters.
Ms Cheadle is an accomplished corporate advisor, executive and non-executive Director with experience growing finance, services and technology companies.
She spent 17 years of her 27 year career in Asia where she held executive positions with Kroll (head of investigations for Asia), KordaMentha (partner in charge of Forensics), Deloitte (head of Singapore Forensic), and Ernst & Young(Forensic Accounting service line leader for Asia Pacific). She is presently non-executive Director and Chair of Audit and Risk Committee for two ASX listed companies, namely: Isentia Group Ltd and Shriro Holdings Ltd. Ms Cheadle was previously a nonexecutive Director and Chair of the Audit, Risk and Compliance Committee for two other ASX listed companies, namely: QANTM Intellectual Property Ltd and SurfStitch Group Ltd.
Indue Chair Frank Gullone welcomed Ms Cheadle and Ms Rix to the Board, and said he looked forward to their contribution and the opportunity to leverage their depth of corporate experience.
“Together, they bring to the Board outstanding and relevant experience, and deep expertise in business strategy, transformation, risk and governance.
“Susan and Abigail’s diverse backgrounds and skills will further strengthen the Indue Board and complement the expertise of the existing Directors in the strategic development of the company.”
ENDS
For more information please contact:
Clare Mitchell, Senior Marketing Manager, Indue Limited E: [email protected]
The rise of contactless payments can be seen right across the sector, made even more accessible following the temporary increase of PIN limits for contactless payments from $100 to $200 to reduce the need for physical contact with payment terminals, a move led by the Australian Payments Network (AusPayNet)[1].
This sentiment can also be translated to the gift card space. What has traditionally been a somewhat ‘hands-on’ process — from purchasing in-store to the act of giving itself — gift cards are now turning completely digital and Indue are the first in Australia to utilise the Visa network to make this happen.
It’s a move that’s in line with shifts in consumer behaviour. A 2019 survey by Roy Morgan of more than 50,000 consumers revealed 72 per cent of Australians are embracing digital payment solutions and mobile payment wallets in lieu of more traditional physical payment methods while shopping[2], and this has only been amplified as we tackle the global pandemic.
Indue Chief Commercial Officer Dave Hemingway said Indue’s new contactless digital gift card offering further embeds the business’ payment expertise in the retail sector, setting a new benchmark in retail technology.
“Consumers expect fast, convenient and secure payments, and Indue is proud to redefine the boundaries to create an exciting, new product that we’re certain will benefit retailers and consumers across the country, even more so from a COVID-safe perspective,” Dave said.
“Building on our 20-year partnership with Visa, together we’ve created an entirely new product allowing major retailers to utilise a digital gift card that is universally accepted without requiring point-of-sale integration, paving the way for future advancements in this sector.”
With the widespread impacts of COVID-19 affecting several industries across the country, technology will play a key role in helping businesses bounce back. There has never been a more crucial time for retailers in particular to consider digital gift cards as a way to secure a solid consumer base and boost sales through a convenient, safe and seamless purchase journey.
In this increasingly contactless environment, the rise of innovative, digital solutions that not only streamline gift giving and receiving, but protect our overall health, will no doubt become a necessity as we continue to navigate the ‘new normal’.
Find out more about Indue’s innovative gift card offering here, or contact us today.
References
[1] https://www.auspaynet.com.au/insights/Media-Release/ContactlessLimitsCOVID-19
[2] https://www.finder.com.au/australians-digital-payments-roy-morgan-survey#:~:text=A%20new%20survey%20from%20Roy,Zip%20and%20mobile%20payment%20wallets.&text=Bill%20payment%20services%20were%20the,in%20the%20past%2012%20months.
The Australian gift card market is valued at up to $2.5 billion annually[1], making it the most popular gift given in Australia. Market research has shown that while gift givers would prefer to gift something physical to convey thought and meaning, recipients generally prefer to receive digital gift cards for the convenience factor. Indue has tapped into this sentiment, creating a multi-merchant digital gift card solution, providing multiple options for the recipient to choose where they spend.
Just six months in the making in partnership with Visa, the Indue digital gift card provides the same level of security and convenience customers know and trust when they tap-and-pay on their mobile phone or wearable device. Lost or forgotten cards are a thing of the past with a balance displayed in real time, enabling recipients to check their balance on the go and removing the need to attempt multiple transactions to spend the remaining value.
Consumers want the convenience they’ve come to expect from using their smart device for transactions, so it’s only natural that digital gift cards provide a better customer experience overall.
The digital gift card also offers added flexibility when it comes to purchasing them online, particularly around peak holiday periods.
“Digital gift cards extend the buying window at the busiest times of the year, in particular the lead up to Christmas,” said Indue Chief Commercial Officer, Dave Hemingway.
“When people are buying plastic gift cards online, that stops at around 19 December because purchasers are concerned they won’t arrive in time. Consumers now have the ability to buy a digital gift card online on Christmas Eve, with an almost instant digital delivery to the recipient.”
Find out more about Indue’s innovative gift card offering here, or contact us today.
References
[1] https://treasury.gov.au/publication/gift-cards-in-the-australian-market-report-2/gift-cards-in-the-australian-market-report/part-ii-the-australian-gift-card-market
The ISO certification features requirements on how to implement, monitor, maintain and continually improve an Information Security Management System (ISMS) in accordance with the standard, including preserving the confidentiality, integrity and availability of information to ensure risks are adequately managed.
Indue Chief Executive Officer Derek Weatherley said the accreditation reinforces the organisation’s proven security processes and credentials against the global standard.
“This is a significant achievement for Indue, which specialises in helping customers gain competitive advantage through innovative payment solutions,” Mr Weatherley said.
“The certification strengthens our approach to information security, and demonstrates to our customers and partners that we maintain the highest levels of data security.
“We are trusted by our customers to store and process their most valuable data, so this certification provides assurance that we have all the necessary controls in place to ensure this important information is protected.
“Particularly in the context of COVID-19 where we’ve seen an increase in the risk of data security breaches alongside a surge in online transactions, we’ve continued to demonstrate our commitment to secure payment products, supported by rigorous compliance, program oversight and our transaction monitoring and protection system, Orion Financial Crimes.”
Data security has never been more important, with COVID-19 restrictions forcing many businesses to move to remote data almost overnight, significantly increasing the risk of data breaches.
By implementing and following the necessary steps to comply with the ISO 27001:2013 standard, organisations can identify, control and eliminate security risks, ultimately certifying the security practices adopted within the organisation.
ISO is an independent, non-governmental, international organisation that develops standards to ensure the quality, safety and efficiency of products, services and systems.
Paving the way for future advancements in the sector, the new digital gift card allows major retailers to offer a digital gift card that is universally accepted, without requiring point-of-sale integration.
In addition to offering a convenient, contactless payment option for consumers, the product also provides the ability to capture consumer data to generate targeted engagement. Recipients of the digital gift card are required to download the retailer’s app in order to provision their digital gift card into Apple Pay or Google Pay, creating an opportunity to gather purchasing metrics, serve up additional offers to consumers and link in to the broader shopping experience.
“There’s no ability to connect with a consumer when they use a plastic gift card — it’s an anonymous transaction. Our digital gift card technology, which integrates seamlessly with retailers’ existing apps, encourages tighter engagement,” said Indue Chief Commercial Officer, Dave Hemingway.
“Our mission is to ensure the millions of Australians who access their money through our clients’ companies have access to market-leading payment products, and we’re thrilled to have delivered once again with our digital gift card.”
Operating costs for retailers who offer digital gift cards are also lower, removing the need to pay for manufacturing and distribution. Expiry dates for many gift cards need to be printed on the card at the time of manufacture, which could result in stock issues if the cards are unable to be sold within a set period, whereas Indue’s digital gift cards generate an expiry date at the point of purchase.
Importantly, Indue’s digital gift card is flexible in its deployment, providing both B2C and B2B distribution solutions.
“Digital gift cards don’t necessarily need to be distributed via e-commerce. For example, we’ve had enquiries around digital gift cards to distribute to staff as part of a loyalty program, so there are a range of different distribution models that we can harness,” Dave said.
Find out more about Indue’s innovative gift card offering here, or contact us today.
Mr Burns was appointed to the Indue Board in October 2017 and was elected Chairman in December 2018.
Following the announcement, Mr Burns said: “It has been a privilege and honour to serve as a Director and Chairman of the Board over these past three years, during a period of significant regulatory, technological and economic change across our industry”.
“I believe now is the appropriate time to transition to a new Chairman as we continue with the Board renewal process.
“I am also delighted with the Board’s selection of Frank Gullone as the next Chairman. Frank will continue to drive Indue’s strategic agenda and ongoing digital transformation.”
With Mr Burns at the helm, Indue has successfully launched its Mobile Payments product with both Apple Pay and Google Pay, accelerated migration of Cards and AML to the next generation “real time” financial fraud monitoring technology and led the company’s refreshed strategy ‘FOCUSS 2023: Technology to Transformation.
“On behalf of the Board, I would like to thank Robin for his contribution and the solid foundation he has laid for the future and wish him all the best,” Mr Gullone said.
Mr Burns said he would remain on the Board until the end of his current term as a Director in November 2020 and Mr Gullone would assume the role of Chairman effective immediately, to ensure a smooth transition to new Board leadership.
Mr Gullone was appointed to the Indue Board in April 2013 and is Chair of the Risk Committee. He holds senior executive, Chairman, non‐executive Director and corporate advisory experience across the financial services sector, professional services and a range of other associated industries.
With more than 35 years’ experience, Mr Gullone is also Founder and Chair of the strategic management consultancy, Gullone Group Consulting and advises leaders of organisations on strategy and leadership.
He is also the former Chairman of multi-award winning superannuation industry fund Kinetic Super. He retired from that role following the successful merger with Sunsuper in 2018.
Mr Gullone’s executive career includes roles as CEO of Superpartners, Managing Director of the Centre for Investor Education, Executive Director at Freehills and General Manager of ANZ Trustees at ANZ Funds Management — part of the ANZ Banking Group. He commenced his professional
career with J. B. Were and Son Group in 1982, where he progressed to become the Group CFO.
Commenting on his appointment, Mr Gullone said: “I appreciate the trust placed in me by the Indue Board and I look forward to my ongoing work with the Board and management to ensure we deliver long‐term value creation for our customers and shareholders”.
For more information please contact:
Clare Mitchell, Senior Marketing Manager, Indue Limited E: [email protected]
Leading payment provider Indue, and its Orion Financial Crimes service has this week delivered a major milestone in its market leading approach to financial crime mitigation for the financial services sector.
Indue is extremely pleased to announce that it has extended its current AI solution for NPP payments to include cards payments, in real time. This achieves a major milestone on the journey to the ultimate goal which is all payment types in real time for financial crime, providing a holistic portfolio view.
The milestone achievement is part of Indue’s long-term strategy to increase its capability to support customers in an environment where criminals are adopting rapidly evolving tactics which outpace traditional solutions that are limited in breadth and slow to respond.
Indue CEO Derek Weatherley said the company was now using the power of machine learning across multiple channels, combined with a broad view of data, to inform preventative action to protect its customers — mainly mutual banks, regional banks, credit unions, building societies, mortgage originators and fintechs — from increasingly sophisticated cyber criminals.
“Access to broad data pools and the single customer view approach to managing all financial crimes, including money laundering is imperative to driving both efficiency on the one hand and effectiveness on the other. At the same time the AI capability guarantees minimal impact on customer convenience.”
“The dominant trend in today’s market is to buy specialised services from expert providers with scale, rather than to attempt to build and maintain in-house solutions. The ‘buy, not build’ trend is driven by greater capacity to benefit from shared common investment, access greater skills and in the case of financial crime services, benefit from broader data insights.”
“Our model lends itself very naturally to this trend and we are experiencing a high level of demand in the market. The model we have successfully delivered is leading the way in the financial crimes services market globally and there is a high level of desire internationally to run financial crime bureaus that leverage the benefits of the model we have been able to create.”
“Indue, as a third party processor, has developed a highly integrated solution that not only integrates directly into its payment gateways for both cards and NPP transactions, but also integrates directly into advanced analytics tools and investigation and case management services making the operational servicing highly efficient”.
Indue’s unique solution completes a major milestone in its vision for its next generation Orion Financial Crimes Solution – as a real time, multi-channel fraud and AML solution for its clients.
“This important milestone furthers Indue’s mission to deliver competitive advantage and security to our customers” Mr Weatherley said.
“A diverse segment of the financial services sector in Australia rely on Indue’s Orion Financial Crimes service to protect them and their customers from criminal behaviour, and they entrust us to get it right 24 hours a day 7 days a week, 365 days a year and with today’s milestone we have positioned ourselves in a market leading position to deliver on that expectation into the future.”
Ends
BPAY Group has launched a new Developer Portal to help organisations to access BPAY’s open API’s and create solutions that support their business and their customers’ needs.
The portal, initially launched in October with four BPAY APIs, and information about Sypht APIs, creates a one stop shop for developers, product managers and other innovators to build new payment services.
Australian Fintech NoahPay is the first to use both the BPAY and Sypht APIs in a new payment app: Billax. It allows WeChat users – mainly Chinese residents such as students living in Australia – to seamlessly pay their Australian bills using WeChat Pay.
NoahPay Director and Co-founder Ryan Yan said users can open Billax in WeChat, take a photo of their bill to automatically pre-populate the payment page with BPAY biller code, reference number and amount, and then confirm payment using Face ID.
BPAY Group is best known for its BPAY service, which was launched more than 20 years ago. Today, more than half of all BPAY payments are made through a mobile phone or an app.
SYDNEY, NSW — 2 April, 2019
Apple Pay is transforming mobile payments with an easy, secure and private way to pay, that’s fast and convenient, and is available for Indue’s clients and their customers who have an eligible Visa debit and credit card from today. By introducing Apple Pay, Indue’s clients across financial services, retail, fintech and government sectors can provide customers a simpler and more engaging payment experience and BankVic members will be the first to benefit.
Security and privacy is at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code.
Derek Weatherley, Indue CEO said, “Consumers expect fast, convenient and secure payments and Indue is very excited to introduce Apple Pay. Indue’s mission is to ensure that the millions of Australians that access their money through our client companies have access to market leading payment products and we are proud to have delivered on that again today with the launch of Apple Pay’.”
BankVic CEO Anthony De Fazio said, “At BankVic, we are always looking to provide simple and more convenient ways for our members to bank with us, thanks to the support from Indue, we are pleased to offer Apple Pay as a new mobile payment solution.”
Apple Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by credit and debit cards. In stores, Apple Pay works with iPhone SE, iPhone 6 and later, and Apple Watch.
Online shopping in apps and on websites accepting Apple Pay is simple with Touch ID, or just double-click the side button and authenticate with a glance with Face ID. There’s no need to manually fill out lengthy account forms or repeatedly type in shipping and billing information with Apple Pay. When paying for goods and services in apps or Safari, Apple Pay works with iPhone 6 and later, iPhone SE, iPad Pro, iPad (5th Generation and later), iPad Air 2, and iPad mini 3 and later. You can also use Apple Pay in Safari on any Mac introduced in or after 2012 running macOS Sierra and confirm the payment with iPhone 6 or later or Apple Watch, or with Touch ID on the new MacBook Pro.
For more information on Apple Pay, visit: www.apple.com/au/apple-pay
About Indue: Indue is a bank regulated by the Australian Prudential Regulation Authority. Australian owned and operated, Indue has over 45 years’ experience in the payment industry and provides payment solutions to a broad range of organisations. Indue is wholly owned by financial institutions, all of which have their heritage in the mutual and credit union sector.
For further information please contact:
The proliferation of technology means that Cyber security threats are now commonplace and growing in sophistication, requiring proactive management. As part of our proactive cyber security program, we are pleased to advise that Indue has implemented 24/7 cyber security monitoring of events to identify any attempted malicious activity against our network.
Indue has partnered with Deloitte, using their Cyber Intelligence Centre for 24/7 cyber security monitoring to identify and stop brute force attacks or hackers in the system.
As a worldwide, experienced leader in cyber strategy consulting and cyber intelligence, Deloitte provides technological innovation and broad industry expertise. Indue is confident that as new technologies emerge and connectivity increases, Deloitte Cyber Risk is uniquely positioned to help our us navigate this complex landscape.
This has been a major project for the business, and one that we are immensely proud of, as we commit to delivering safe payment solutions.
The sector’s balance sheets grew 5.6 per cent to A$8.9 billion (FY 2017: 7.3 per cent), while overall operating profit before tax grew by 4.6 per cent to $635 million (FY 2017: $607 million).
This was achieved in an environment characterised by low interest rates, increased competition, a new wave of technological innovation and evolving customer preferences.
KPMG explained the result as being in part due to the squeeze on net interest margins starting to stabilise. Other key financial results for the mutual sector for the year ended 30 June 2018:
“The success of the mutual sector lies in their ability to retain their strong branding as ‘community focused’ and providing clear solutions that are aligned to members interests,” KPMG’s Brendan Twining said.
The Customer Owned Banking Association, the industry body for mutuals, welcomed KPMG’s mutuals industry review, noting the endorsement of the sector’s performance in a tough business environment.
“As customer-owned institutions, mutual banks, credit unions and building societies have always existed to put people before profits,” said Michael Lawrence, COBA chief executive officer.
“We are not trying to squeeze our customers to please shareholders.
The KPMG Report is based on a survey of 48 customer-owned banking institutions.
Source: Banking Day Thursday, 29 November 2018
Indue Non-Executive Director, Mr Robin Burns will succeed Mr Petie as Chairman.
During his time at Indue, Mr Petie has been a key driver of positive change and was instrumental in Indue’s growth strategy.
Mr Petie has led Indue through a period of significant change, business growth, targeted divestments and heavy re-investment to reposition the business strongly for a digital-led future. His drive for clear strategic focus has positioned Indue well to achieve sustainable performance and growth into the future.
Mr Petie said: “It has been a great privilege to serve on and lead Indue’s Board over the past decade. I am retiring in accordance with the Company’s tenure policy and I am pleased to report that our succession planning has proceeded smoothly, and will culminate in an orderly transition to Robin Burns, who knows Indue well and is a very experienced Director.”
“Now at the end of my tenure, I am confident Indue’s sharpened strategic focus and forward-thinking will continue to see the Company go from strength to strength.”
Mr Burns joined the Indue Board in October, 2017 and is currently Chair of the Audit Committee. He was previously a member of the Equity Trustees Board as Managing Director. He is also a non-executive director of 8IP Emerging Companies Limited, the Weary Dunlop Rugby Foundation, and is a Compliance Committee member at PIMCO Australia Management Ltd.
Mr Burns brings deep financial services industry expertise and experience to Indue and is well equipped to continue to lead the business through the fast-paced and ever-changing payments industry.
“Industry change provides significant opportunity for Indue. Digital technology in particular is driving the need for extensive product re-investment into the future and we are well placed to continue to provide new and effective business solutions to our customers. I look forward to working with the Board and our strong management team to carry forward the Company’s focused strategic development initiatives and impressive operational capability,” Mr Burns said.
Indue Non-Executive Director, Mr Robin Burns will succeed Mr Petie as Chairman.
During his time at Indue, Mr Petie has been a key driver of positive change and was instrumental in Indue’s growth strategy.
Mr Petie has led Indue through a period of significant change, business growth, targeted divestments and heavy re-investment to reposition the business strongly for a digital-led future. His drive for clear strategic focus has positioned Indue well to achieve sustainable performance and growth into the future.
Mr Petie said: “It has been a great privilege to serve on and lead Indue’s Board over the past decade. I am retiring in accordance with the Company’s tenure policy and I am pleased to report that our succession planning has proceeded smoothly, and will culminate in an orderly transition to Robin Burns, who knows Indue well and is a very experienced Director.”
“Now at the end of my tenure, I am confident Indue’s sharpened strategic focus and forward-thinking will continue to see the Company go from strength to strength.”
Mr Burns joined the Indue Board in October, 2017 and is currently Chair of the Audit Committee. He was previously a member of the Equity Trustees Board as Managing Director. He is also a non-executive director of 8IP Emerging Companies Limited, the Weary Dunlop Rugby Foundation, and is a Compliance Committee member at PIMCO Australia Management Ltd.
Mr Burns brings deep financial services industry expertise and experience to Indue and is well equipped to continue to lead the business through the fast-paced and ever-changing payments industry.
“Industry change provides significant opportunity for Indue. Digital technology in particular is driving the need for extensive product re-investment into the future and we are well placed to continue to provide new and effective business solutions to our customers. I look forward to working with the Board and our strong management team to carry forward the Company’s focused strategic development initiatives and impressive operational capability,” Mr Burns said.
The Board and executive team of Indue would like to thank Mr Petie for his significant contribution to Indue and welcome Mr Burns (pictured) as the new Chairman. They look forward to Mr Burns’ contribution in the years ahead.
For more information please contact:
Clare Mitchell, Senior Marketing Manager, Indue Limited E: [email protected]
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